From a low of nearly 8 USD at the end of 2022, Solana (SOL) has just established an all-time high price, surpassing the 260 USD threshold this Thursday. This is a memorable milestone, marking the complete recovery of the coin after many storms.
Solana reaches a new peak thanks to a strong growth streak recently, especially after the US presidential election when Donald Trump, a crypto-supporting figure, won. Additionally, the information that Chairman #SEC Gary Gensler, who has led tightening crypto policies, will resign on January 20, 2025, also provides momentum for the market.
Currently, the price $SOL has increased by 11% in a day, 23% in a week, and 55% in a month. Over the past year, the coin's price has increased by up to 386%, more than four times compared to the previous low.
The Difficult Journey of Solana
Solana reached its peak price in 2021, being seen as a superior competitor to $ETH with fast transaction speeds and low costs. However, the hype quickly cooled down as the crypto market fell into a downtrend in 2022, coupled with technical issues like the network's continuous downtime.
At the end of 2022, the FTX collapse caused the price of SOL to plummet to nearly 8 USD, due to Solana's close ties with this exchange and the notorious founder Sam Bankman-Fried.
However, over the past two years, Solana has continuously improved and rebuilt trust. Developers have worked hard to enhance the stability of the network, while Solana Labs expands its vision into areas such as mobile hardware and applications.
Not only Solana, Bitcoin also breaks its peak.
Solana is not the only name to set a new price record. $BTC also surpassed its all-time high on US election day, exceeding the previous level of 74,000 USD and reaching 98,000 USD for the first time last Thursday.
Solana and Bitcoin are showcasing the strength of the crypto market, especially in the context of political and legal changes supporting this industry.